The site is located at 11th Avenue and H Street in the Moffett Park area of Sunnyvale. In a prepared statement, Jay Paul Co. says it chose the location because of its strategic position at the junction of Highways 237 and 101. The location offers multiple transportation options, views of the bay and valley and freeway visibility.
Jay Paul is acquiring the 52-acvre site from Lockheed Martin Space Systems for about $90 million. Neither Jay Paul Co. nor its broker Phil Mahoney of Cornish & Carey were immediately available Friday morning for comment.
The project is in response to increasing demand, which has reduced class A office vacancy in the Silicon Valley to 13% and pushed the rate in Sunnyvale even lower. As the rate ticks closer to the single, companies are less and less able to find large blocks of contiguous space for expanding their business or relocating to the region.
The tower will be skinned with Spanish limestone, Italian granite and glass. Jay Paul expects to receive LEED certification as an environmentally friendly building that uses less water and power than other buildings. Project amenities will include a 40,000 sf full-service fitness center with pool, cafe and game room. DES Architects & Engineers Inc. designed the campus. Rudolph and Sletten is the general contractor.
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